Oil Could Reach $300 a Barrel, Warns Moscow in Light of New Sanctions

The landfall facilities of the 'Nord Stream 2' gas pipline are pictured in Lubmin, northern Germany, Tuesday, Feb. 15, 2022. Nord Stream 2 is a 1,230-kilometer-long (764-mile-long) natural gas pipeline under the Baltic Sea, running from Russia to Germany's Baltic coast. AP Photo/Michael Sohn

Crude oil prices could reach more than $300 per barrel if the West goes ahead with its plan to sanction Russian energy supplies, Moscow warned in a statement on state television.

“It is absolutely clear that a rejection of Russian oil would lead to catastrophic consequences for the global market,” Russian Deputy Prime Minister Alexander Novak said. “The surge in prices would be unpredictable. It would be $300 per barrel if not more.”